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Entrepreneurs make a lot of mistakes. It’s daunting, sure, but it’s what differentiates entrepreneurs from others – Entrepreneurs consistently find a way to stay determined and push harder. Although each entrepreneur will unavoidably make particular mistakes, there are tricks of the trade that we may succumb to, no matter who we are. Here are five mistakes every entrepreneur makes, and has to make, in order to succeed:
1. Thinking the First Venture Will Be The Only Venture:
Every entrepreneur inflates the financial worth of his or her initial idea. Starting something new is categorically invigorating; it is an experience that cannot be put into words. Watching what you created grow, especially a business, is why entrepreneurs do what they do. Although it is easy to think “this is it; this is the one,” it takes more than a few attempts to get a business right. If you look at any successful entrepreneur—the venture that won them success was certainly not their first.
2. Being Too Passionate:
When you create a product, you are undoubtedly proud of it and are often bias towards it. Envisioning your product to be the best on the market, you can’t fathom any problems or why anyone would have dissenting opinions. Although it might be contrary to your ego, it’s essential not to lose sight of all the work that can still be done to make your product better. Being enthusiastic about your product and company is crucial, but passion can work against you if you misuse your time boasting about your own talents and ideas instead of demonstrating what your product or service does for its consumers.
3. Messing Up the Follow Up:
The objective of your first meeting is to achieve a second. It is critical to follow up with the investors you have met to express your gratitude for their time and to supply information regarding any questions or concerns that may arise. Furthermore, it is important to stay in touch with any updates regarding your business, particularly when expecting to launch a new product or acquire an important new customer.
4. Doing Everything Yourself:
No entrepreneur has achieved success by working completely on his or her own. The issue tends to lie in people improperly believing that collaborative efforts take away from the legitimacy from their work. Although it may be inviting to design your own logo, be your own accountant, operate your own payroll, it is generally an awful concept. Just because you think can do it, does not mean that you are either good at it or should do it. Your time is precious; determine what is the best use of your time.
This is an ordinary mistake that many entrepreneurs cope with, but the sooner you learn to delegate your tasks, the better it will be for your business. It is important to understand that a team is your biggest asset. Having a trustworthy team will allow you to bounce ideas around, provide you with differing perspectives, and give you support when you feel like you’ve hit the end of the road.
5. Hiring a Bad Employee:
The success or failure of your business depends on whom you surround yourself with. Minimally, a bad hire means that you’re not doing too much of the work yourself. However, a bad hire is extremely costly! Instead of hiring 3 programmers, hire 1 outstanding one and pay double what you would pay individually to 3 mediocre programmers. However, a bad hire allows you to recognize what a good hire entails, and how valuable right members are for your business.
Your mistakes don’t define you. Every entrepreneur struggles through similar mistakes, they trip and fall, but continue to take risks. It may seem counter-intuitive to write an article about mistakes you should make, but it is often these mistakes that kick-start that lucrative idea in the first place.
